Terra Classic Price Analysis: Amid the increasing uncertainty in the crypto market, the LUNC price continues to coil and trades in a narrow range. The daily candle has showcased price rejection on both sides indicating the indecisiveness among market participants. However, despite high volatility, the price has followed the formation of a symmetrical triangle pattern in the 4-hour time frame chart.
Also Read: Terra Luna Classic L1TF To Work On USTC Repeg, Community Sees 40% Jump In LUNC Price
By the press time, the LUNC price trades at $0.000088 with an intraday loss of 2.23%. With today’s drop, the coin price shows a breakdown attempt from the support trendline of the triangle pattern.
This chart pattern carried the ongoing consolidation in Terra classic coin price for over two weeks. Thus, a breakdown from the support trendline with a 4-hour candle closing will boost supply pressure and could plunge the prices 25% down to hit the lower trendline of the channel pattern near $0.000065.
However, the in-between $0.000082 level stands a strong accumulation zone that could obstruct the potential downfall and offer buyers an opportunity to counterattack.
A less likely yet possible breakout from the resistance trendline of the triangle pattern could offer buyers a strong footing to rise higher. However, the upward trajectory could be capped till the overhead resistance trendline of the channel pattern is located near $0.0001. Therefore, a breakout above this barrier is also needed to trigger sustained growth.
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